Why Inventory Management Software is a Must for Retailers
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Why Inventory Management Software is a Must for Retailers

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
1 Page
English

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Why Inventory Management Software is a Must for Retailers We probably all learned about the law of supply and demand in our high school economics class (and how well we learned it depended on who was sitting next to us).

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Published 23 May 2015
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Language English

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Why Inventory Management Software is a Must for RetailersWe probably all learned about the law of supply and demand in our high school economics class (and how well we learned it depended on who was sitting next to us). As a refresher, Investopediadefines it as such: “The relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer... The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.”Now these basics textbook definitions are the daytoday realities of small business owners. You have something to sell and you need to get customers to buy your goods or services at a rate where you can make money. Now this is where it gets really complicated: how much money do you invest into your inventory management and how much do you have to sell it for to make a decent turnover? If you sell your product at too low a price or order too much, you end up in the red. If you price your product too high or don’t order enough, you may lose customers. How do you find the balance?Answer:inventory management software. Replace your stress and your outdated Excel spreadsheets with current software that can keep you uptodate on the products you have on hand. Use automated reordering when you get low on stock and adjust reorder points and restock levels to make sure your inventory fluctuates with your market. In addition, no one ever looks forward to inventory control counts. You can complete full or partial counts, schedule them in advance, perform multiple counts at the same time, and download customizable reports to help you optimize your stock levels.Finally, if one store is a challenge, managing two or more locations is worth multiple headaches. However, overseeing your products with the right inventory management software easily helps you regulate what is coming and going out of each storefront or online store. Cashiers can even check if a product is available at one of your other stores, from their point of sale device and managers can order items from your other locations (which also automatically updates your database inventory numbers at both locations).Customer needs and wants constantly are changing and so is your inventory. With the right point of sale system with easy to use inventory management software baked in, your store can easily view reports to spot trends, order more product, and quite possibly plan for your next big market trend. Simply stated, your supply will directly and accurately correlate to the demand.